7 Best Personal Goals To Succeed As An Entrepreneur

  • 12th Apr'22
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It's 2022 and entrepreneurship is in the boom. Right from government schemes to angel investors as well as various reality shows on TV that help new companies have made entrepreneurship easier than it ever was. This gets us to the question of ‘what do we need as founders, co-founders of startups as a life skill or personal goal in ourselves?’  So let’s dive right in and discuss the best personal goals to succeed as an entrepreneur. 

 

Best Personal Goals To Succeed As An Entrepreneur

 

1. Build Professional Communication Skills

 

Communication skills are a fundamental personal goal and important to every aspect of our professional life or personal life both. Good communication skills ensure that we are giving the right weightage to our thoughts while we pitch them to potential investors and clients. On the other hand, poor communication skills can result in miscommunication and our plans being undervalued for their potential. 

Therefore, learning good listening and speaking skills is extremely crucial for successful entrepreneurship. 

 

2. Learn Time Management

 

Again, time management is another fundamental life skill that one must have irrespective of being an entrepreneur. And your time management just doesn't end at work but it continues into your personal life. After all, we don't lead two separate lives as people. The values that we cherish stay the same in every aspect and every choice we make. 

Suppose we are messy at home, there is a high possibility that our work desk is messy too. This may also extend into messy paperwork for your company, messy management skills and more. 

Similarly, if we are sorted, tidy and orderly individuals then both our personal duties and entrepreneurial duties would seemingly go tidy and clean. Therefore, try to adopt a time management strategy that extends beyond your work life and balances your breaks, work timings, family responsibilities, etc. 

 

3. Build a Network

 

A network is the group of people that you meet at various parts of your life and have amicable relationships with. As an entrepreneur, it is necessary to build your network as you can never predict what kind of activity or problem you may run into. At this point, friends, family members and acquaintances come forward with suggestions, help and support. 

Furthermore, you must look at your competition positively in business. Even competitors in the same niche can be converted into assets. Look at it this way - 

If there is a company, bigger than yours, you can reach out to them regarding collaborations, guidance, investments, etc. There is so much that a new entrepreneur can learn from an established business professional. And do not let your own hesitation stop you. If you are thinking, “Why would they help?”. Then it's because they too started out someday as a young and new entrepreneur, and would share their expertise with someone who humbly wants to learn and earn their way up. 

After all, they say, the one proven method to finish your enemies completely is to make them your friends. This is one of the most important personal goals to achieve to become a successful entrepreneur.

 

4. Develop an Investment Strategy 

 

In recent times, awareness about investing has spread across the masses. There are so many investment options that are cut out for a variety of individuals like Gold, Mutual funds, Stocks, NFTs, Cryptocurrency, etc. Similarly, an entrepreneur can invest in other businesses and gain profits from their growth. Furthermore, you can also plan a proper financial strategy to balance the risk and assets of your company. 

Investing in the right asset can also help you through a low-sales period and float through smoothly without having to worry about your business debts and installments. A stitch in time saves nine, similarly, an investment is something that takes time to grow exponentially. Hence, start your investment strategy as soon as you can. 

 

5. Implement a Marketing Strategy

 

Adding more to the list of personal goals to succeed as an entrepreneur, is a good marketing strategy. And even though you may not see this as a personal goal, it is very important for you to know what your marketing team is doing and if it's in the right direction. 

Furthermore, you don't need to understand marketing in elaborative detail but still have a basic understanding of how things work. The right marketing strategy will save tons and tons of money and reach the right audience to give the results you want. While the wrong strategy for you will stall your expected results for the long haul.

 

6. Adopt a Social Initiative 

 

As an individual, it is our social responsibility to give back to the society that provides us with the safe heaven to create and sustain a business. Therefore, without any barriers, give back to the aspect of the society that you resonate the most with. 

For example, some people have soft corners in particular aspects like the old, the children, sometimes, particularly towards girl child, cancer care, awareness drives, and more. Your social initiative can be as humble as you want or as huge as you want. 

Please also do not just do it as a CSR obligation or to save taxes, but rather add value to this particular activity as it is highly enriching to be the hand that helps others. This not only builds a good reputation for your company but also gives you that extra bit of satisfaction of spreading smiles. 

 

7. Build a balance between Personal and Professional life

 

In a normal job, people often work from 9 AM to 5 PM but when you are an entrepreneur, you're working 24/7 all year long. This is often viewed as a joke or a meme about entrepreneurship. It's true to some extent that one may work unconventional hours when they own a business but it certainly doesn't mean that one must sacrifice their personal life completely for the sake of their company. 

Investing an excessive amount of time in your company may result in a weakened relationship with your parents, spouse, children, friends and so on. And even though you may not intend to disappoint them, it can still hurt others. 

Our actions speak louder than our words. And therefore, it is important to manage your time efficiently in a way that you are still fresh when you come home. It is also important that you do not carry your work stress home or personal stress at work. Did you know that the government of many countries has leaves allotted for grief? So certainly, you must look forward to taking your personal life as seriously as your professional life and striking the right balance. 

 

The Conclusion

 

The listed qualities would not only help you grow more professionally but also develop an inspirational personality that sets an example for others. Take, for example, entrepreneurs like Steve Jobs, Jack Ma, Bill Gates, etc. People look up to their lifestyles and biographies to understand what they did differently to achieve all that they have today. And the difference lies in the choices that you make in your lifestyle every day. Hence, what are you going to choose for yourself?

 

We, at OpenGrowth, are constantly looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem, then do let us know in the comment section below.

Sources/References:

*Note: The content published above was made in collaboration with our members.

About the author:

Shriya Sarang, OpenGrowth Content Team

Shriya Sarang holds a degree in Political Science and Public Administration. Apart from having no political opinions, she advocates financial literacy among her friends. 


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